FX.co ★ US to Remove Tariffs on Some Products from Ecuador, Argentina, Guatemala and El Salvador

The United States announced on Thursday its decision to lift tariffs on certain food items and imports from Argentina, Ecuador, Guatemala, and El Salvador. This move, as reported by Reuters, falls under framework agreements intended to increase market access for American businesses in these countries. According to a senior official from the Trump administration, these agreements are projected to decrease prices on coffee, bananas, and other food products, with the expectation that American retailers will pass these savings on to consumers. The official also noted that the framework agreements with the four nations are anticipated to be finalized within the next two weeks, with the potential for additional agreements by year-end. In a statement on Wednesday, US Treasury Secretary Scott Bessent mentioned forthcoming significant announcements aimed at reducing prices on coffee, bananas, and other fruits. Under these framework agreements, most goods from El Salvador, Guatemala, and Argentina will still be subject to a 10% tariff, while imports from Ecuador will maintain a 15% tariff rate.